Hotel accounting system Case Study Example | Topics and Well Written Essays - 1000 words

Hotel accounting system - Case Study Example The lodging industry was apparently one of the first industries to enlarge â€Å"definitive standards to provide precise regulation to accountants and operators. The standards evolved since consistency of layout and arrangements were, and are, still not strained under U.S. Generally Accepted Accounting Principles (GAAP)." Those standards were and are controlled in the Uniform System of Accounts for the Lodging Industry (USALI), which is published by the American Hotel and Motel Association. The USALI itself provides for up to 30 departmental statements, which include, in addition to those previously mentioned: telecommunications, garage and parking, golf shop, golf pro shop, guest laundry, health center, swimming pool, tennis, tennis pro shop, other operated departments, rentals and other income, human resources, information services, security, franchise fees, management fees, rent, property taxes and insurance, interest expense, depreciation and amortization, income taxes, house la undry, salaries and wages and payroll taxes and employee benefits. (Collins, M. & Parsa, H. 2006)The principal differences between hotel's transactions and internal control and those of additional businesses are found in the revenue cycle. Room revenue is the mainly significant source of income to hotel. The front desk is the center of the hotel's operation and the place where the guest ledger, which abridges and accrues all charges to guests using the hotel facilities, is maintained. Several of the functions executed by front desk employees are registering guests, recording room revenue, recording food and beverage and other guest charges, checking out guests, and settling guests' bills. Ceria Holiday Ceria Holiday, which is positioned in tourist area in North America, operates guesthouses. The fee charged to Ceria's guests includes both accommodation and all meals. The management of Ceria applies strict financial control of its activities in consideration of the competitiveness of the industry and the seasonal nature of the business. In this meticulous case, the area that needs constant monitoring on the costs is the restaurant. The manager of the restaurant is given an annual budget at the beginning of each year. Each month he/she receives performance statement with the following postulations: The budget has been calculated on the basis of 30-day calendar month with the costs of rent and depreciation being an apportionment of the fixed annual charge. The budgeted catering wages presume that: There is one member of the catering staff for every 40 guests staying at the complex; The daily cost of member of the catering staff is RM30 All other budgeted costs are variable costs based on the number of guest days. While services at the Ceria Hotel are provided by the property, revenues are recorded and charged to the barter accountability. On the other hand, the expense is offset against the barter asset account when the service is acknowledged. For peripheral reporting purposes, USAL recommends that the asset and legal responsibility accounts be netted and reflected as contemporary asset or accountability. This will result in revenues and expenses connected with the barter transaction being reported in different periods. Ratio analysis, in common, comprises the same types of ratios used in approximately any industry. Nevertheless, there are few industry specialized ratios peculiar to hotels and/or restaurants of which one ought to be aware. Average Room Rate = Rooms Revenue divided by Paid Rooms Occupied. Average Food Check = Total Food Revenue divided by Number of Covers. Covers refer to guests served in the food operation during the interlude.(Collins, M. & Parsa, H. 2006) current vital addition is "RevPar", which stands for Revenue per Available Room. It is calculated as moreover: Rooms Revenue divided by Rooms Available for Sale, or as Rooms Revenue div

Critically evaluate the relationship between human resource management Essay

Critically evaluate the relationship between human resource management at organisational level, and the organisatoin's economic prosperity - Essay Example To become a multinational company the management has to expand its units across the country. As company and its other units are slowly expanding so does the problems are increasing day by day. If HR division is not up to its task then it may be possible that XYZ Inc. may consistent drop in its financial structure that result in heavy losses in the business. The important factors were found to be the hiccups facing by the staff in delivering the goods on time, baggage handling and in customer care. On the manufacturing side XYZ Inc. was unable to meet the supply demand. They have been successful in manufacturing and supplying of small privately owned airplanes. Since the public interest shifted towards the branded name and the feel of first class look the company has to meet the requirements. But XYZ Inc. was slow in its production rate. To meet the market demand on the manufacturing side and to improve customer care service the management introduced some strategies. One of the important factors that should be concentrated is on customer care service. The staff should be trained and should be at best when dealing with customers. The quality of the service should be of high degree. With the help of modern technology the staff could be easily trained. Since customer service involves in making and receiving calls, they should be trained on VOIP (Voice Over Internet Protocol), which is economical. On the manufacturing side the company has to speedup its operations because if it won’t meet the market demand it would loose potential ground. The best way is to lease some airplanes for sometime so that business continues and after completion of manufacturing they can introduce the planes in the market. Since costs are soaring high remedial steps should be taken immediately. Whether we agree or not the daily rise in prices is due to increase in oil per barrel in the gulf. Alternate steps should be taken to cope this